jafelco
Short

change in trend of gold to down as S&P moves to new high

FX:XAUUSD   Gold/U.S. Dollar
82 1 6
I am paper trading and am looking to go short gold             at the .236 retrace(1338.37) to .618 retrace (1351.21). I dont rule out the upper retracement but think it will only retrace to the 1338 area before turning down.
I am thinking that since the S&P             made a new high it should continue with that trend for a while. Gold             should start a counter trend downward. I will be open to a change in this, in case the up trend in the S&P             fails.
take care.
I meant to use a larger timeframe but i still would have use the same waveform... thanks
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